My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
sbend
>
Public
>
Common Council
>
Legislation
>
Ordinances
>
1997
>
Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
9/24/2009 2:28:11 PM
Creation date
7/27/2009 3:45:48 PM
Metadata
Fields
Template:
City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/23/1997
Ord-Res Number
8801-97
Bill Number
52-97
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
35
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
transferred to the Sinking Fund if necessary to prevent a default in the payment of principal of or <br />interest on the outstanding bonds of the works. <br />SECTION 14. Sinking~und. There is hereby continued a fund of the utility <br />created and designated in the Parity Ordinance as the Sinking Fund (the "Sinking Fund"), to be <br />used for the payment of the principal of and interest on bonds which by their terms are payable <br />from the Net Revenues, and for the payment of any fiscal agency charges in connection with such <br />payment. The Sinking Fund is divided into two accounts designated as the Bond and Interest <br />Account and the Debt Service Reserve Account, which are pledged for the purposes set forth <br />below. There shall be set aside and deposited in the Sinking Fund, as available, and as hereinafter <br />provided, a sufficient amount of the Net Revenues to meet the requirements of the Bond and <br />Interest Account (also shown on the books of the utility as the Bond Sinking Fund) and of the <br />Debt Service Reserve Account. Such payments shall continue until the balance in the Bond and <br />Interest Account, plus the balance in the Debt Service Reserve Account, equals the amount needed <br />to redeem all of the then outstanding bonds. <br />(a) Principal and Interest Account. There shall be transferred, on the last day <br />of each calendar month, from the Reven~ie Fund and credited to the Bond and Interest Account <br />an amount equal to the sum of one-twelfth (1/12) of the principal and one-sixth (1/6) of the <br />interest on all then outstanding bonds payable from Net Revenues on the next succeeding principal <br />and interest payment dates, until the amount so credited shall equal the principal payable during <br />the next succeeding twelve (12) calendar months and the interest payable during the next <br />succeeding six (6) calendar months. There shall similarly be credited to-the account any amount <br />necessary to pay when due the bank fiscal agency charges for paying principal of and interest on <br />the bonds as the same become payable. The City shall, from the sums deposited in the Sinking <br />Fund and credited to the Bond and Interest Account, remit promptly to the bank fiscal agency <br />sufficient moneys to pay the principal and interest on the due dates thereof together with the <br />amount of bank f scal agency charges. <br />(b) Debt Service Reserve Account. On the date of issuance of the 1997 Bonds, <br />there shall be deposited to the Debt Service Reserve Account from the proceeds of the sale of the <br />1997 Bonds an amount to constitute an appropriate reserve to facilitate the marketing of the 1997 <br />Bonds, which reserve amount shall equal the lesser of ten percent (10%) of the proceeds of the <br />1997 Bonds, the maximum annual debt service on the 1997 Bonds, and 125% of the average <br />annual debt service on the 1997 Bonds. After the issuance of the 1997 Bonds, the City shall <br />maintain the balance in the Debt Service Reserve Account in an amount equal to the Reserve <br />Requirement. For these purposes, "Reserve Requirement" means the lesser of ten percent (10%) <br />of the proceeds of the 1997 Bonds and any bonds ranking on a parity therewith (including the <br />Panty Bonds), the maximum annual debt service on the 1997 Bonds and such parity bonds, and. <br />125 % of the average annual debt service on the 1997 Bonds and such parity bonds. The Debt <br />Service Reserve Account shall constitute the margin for safety and as protection against default <br />in the payment of principal of and interest on the 1997 Bonds and such parity bonds and the <br />moneys in the Debt Service Reserve Account shall be used to pay current principal and interest <br />on the 1997 Bonds and such parity bonds to the extent that moneys in the Bond and Interest <br />-18- <br />
The URL can be used to link to this page
Your browser does not support the video tag.